Who could have imagined that in such a short time the world of digital finance would be totally overwhelmed by Bitcoin? Still unknown to everyone in 2008, it took only a few months for Bitcoin to be adopted by a large number of users. In Europe, Canada and Asia, Bitcoin, also known as BTC, has spared no continent or sector of activity. This payment method has also found its place in the world of live casino gambling, but many players are still reluctant to use it. It’s time to lift the veil on Bitcoin and its use in casinos.
Definition of Bitcoin
The term Bitcoin comes from the words “bit” and “corner”. The bit is the unit of measurement of information, widely used in computing. While the coin means coin. Bitcoin is therefore an electronic payment method, which allows to make purchases on e-commerce sites, payments of various orders online, and today to play at the casino. It is a digital currency in the category of crypto currency. Simply put, it is virtual money, which is not made up of coins or notes as is the case with traditional currencies. It is classified in the crypto currency section because it is issued and used only on computer networks, without any associated financial regulation. Having for requirement to adapt to the technological advances, and to be always closer to the players, the live casinos have for a few years integrated this method of payment to their platforms.
History of Bitcoin
The name that comes immediately to mind when talking about Bitcoin is Satoshi Nakamoto. You guessed it, he’s the inventor of BTC. Just a slight nuance, so far no one knows the true identity of the creator or the group of creators of Bitcoin. Several people have claimed to be Satoshi Nakamoto, but there’s no way of knowing if they’re telling the truth. It’s funny though, isn’t it? We’re talking about an innovation that’s worth billions of euros and has already passed the $1,000 mark in currency conversion several times! All the same, it’s surprising that despite all this, nobody wants to enjoy this huge success… But that’s not a big deal. The main thing is that this find is very useful and plays a big role in the fintech sector. It is one of the most recent means of payment, as it only came into being in 2008. This does not prevent several online casinos from offering this method of payment, as it is a highly secure system. Bitcoin is certainly the most popular cryptographic currency, and the most widely used throughout the world.
How do you acquire them?
Don’t tell me you’re one of those players who think you have to be a computer whiz to have a Bitcoin account! Oh popop! You’re under arrest. Acquiring Bitcoin is as simple and as easy as having a glass of water in the kitchen. All you need is an account, which is created in a few clicks, just like with Paypal and other popular payment methods. The acquisition process can be described in only three steps, including the interaction with the online casino.
The first step is to go to a specialized platform and create an e-wallet at Bitcoin ;
Then, to get Bitcoins, you have to buy them. To do so, you have to go to the merchant sites that allow you to do so, such as Coinbase and Spicepay for example. Always check your e-wallet balance after each transaction;
The last step to take when your wallet is full is to pay at the virtual casino. Again, this is very simple. All you have to do is select the Bitcoin payment method on the gaming platform when making a deposit. And that’s it!
The best Bitcoin portfolios
As with fiat money, you need a wallet to store your Bitcoins. For this, you need a Bitcoin wallet, also known as a Bitcoin wallet. There are generally three types of wallets: computer wallets, online wallets and physical wallets. Of course, we recommend you to use the physical wallets or the computer wallets in casinos, as they are the most secure. Even if the web wallet is more practical. Regardless of the category, the best products on the market are the following:
- Ledger Nano S, CoolWallet S, TREZOR Wallet and KeepKey Wallet as physical Bitcoin wallets ;
- Electrum, Bitcoin Core, Armory and Samurai as Bitcoin software portfolios ;
- GreenAddress, Coinbase Bitcoin, blockchain.com and BTC.com as web portfolios.
Using Bitcoin at an online casino
After years of playing in your various virtual rooms using what we now call “traditional” means of payment, it’s natural that you should wonder if Bitcoin is really compatible with online casinos. And without hesitation, we answer YES! No kidding, how can a so-called “virtual” currency not be compatible with a “virtual” casino?! Well, let’s see… On the contrary, it’s like a letter to the post office! Bitcoin’s deposit and payment acceptance system is very easy to integrate into online casinos. This justifies the large number of gaming houses that accept BTC.
We can still see that apart from Bitcoin Casino, those gaming rooms that use virtual chips in BTC, few casinos still allow withdrawals via crypto currency. This is justified by a fear based on the volatility of this currency. Without paying attention, the casino could lose twice on each withdrawal. Indeed, from one second to another, the value of the BTC can be multiplied by 2 or 3. The casino, having already injected the player’s bet into the system, would be obliged to compensate itself for the gap between the entry and exit value, if it had to pay the player during a fluctuation period. Even without gambling, players can therefore increase their winnings tenfold in such a context. Too easy, isn’t it? These online casinos often only allow Bitcoin deposits and withdrawals in the local currencies available in the player’s region. They take on average one hour to process payment requests in that currency.
If several million players around the world have quickly adopted Bitcoin, it’s probably because of its free nature in terms of transaction fees. No additional fees are charged when you make a deposit to your online gaming space.
Likewise for withdrawals, your winnings will be paid in full to your destination account if you opt for BTC.
Advantages and Disadvantages
First of all, you should know that all the online betting platforms we recommend are secure and offer a 100% guarantee to users. These online gaming rooms incorporate a tamper-proof system of strong authentication, and ensure data confidentiality through the encryption of the various transactions. No personal information or transaction data can be diverted by a scammer. Even more interesting, not only is Bitcoin itself already a highly secure means of payment, but it also has the specificity of being anonymous. Therefore, one could never find any trace of a transaction after having made it.
In spite of all this security arsenal put in place by Bitcoin and the virtual casinos, it is still strongly recommended to follow certain guidelines and adopt good practices. The two essential guidelines to remember are the choice of a strong password (PIN), and the physical storage of your passphrase in a secret location. Indeed, when creating your BTC portfolio, you will be asked to create a PIN code, a kind of password necessary for each transaction. You should never adopt a PIN created from personal information such as your date of birth, let alone that of someone close to you. It would be wise not to choose a simple code, or one that is easy to guess. Instead, choose a password without logic. As for the passphrase, also called SEED, it allows direct access to the funds deposited in the portfolio. So there’s no need to say how important it is that it can’t end up in someone else’s hands! It is recommended that it not even be held in a digital format. It would be a good idea to write it down on a piece of paper or in a notebook that you are certain no one else can access. We can never say it enough, it is highly sensitive information that should be kept in the strictest confidence. As a precaution, you may wish to record SEED in two separate media. But don’t risk taking a picture of it.
Virtual casinos far prefer Bitcoin to other payment methods such as Paypal and credit cards. Bitcoin allows them to save money by exempting them from paying taxes to any financial institution. That’s why many live casinos are increasingly encouraging players to opt for BTC. To this end, they have included the notion of bonuses in their customer retention policies. As a player making deposits and withdrawals via TBC, you are entitled to several bonuses, including of course the arrival bonus. It must be said that the bonuses granted in this context are significantly higher than traditional bonuses. We are talking about bonuses that can be 3 to 6 times higher. It’s impressive, but it’s true! If you want to receive more bonuses, get more bets, and thus have a better chance of winning your jackpot, you now know that you have to choose Bitcoin casinos.
Games accessible with Bitcoin
Wondering if there are any restrictions on access to games when using Bitcoin? Rest assured, the entertainment will be the same! There are no restrictions associated with this payment method. You will have access to the same game selections, and with the added benefit of better security for your various transactions. You will therefore be able to enjoy all categories of games:
- Blackjack in all its forms;
- Dice games;
- The slot machines;
- Roulette games;
- Lottery games;
- And many more!
Casinos that accept Bitcoin
There has been an unprecedented increase in the number of online casinos integrating Bitcoin as a payment method. Above all, we note that not all casinos accept both types of transactions (withdrawal vs. deposit). Some casinos only accept BTC for deposits to players’ user accounts. Therefore, these gaming rooms are not called Bitcoin casinos, but simply Bitcoin-accepting casinos. Just a subtlety in the name. There are a large number of these types of casinos including Lucky31, Casino Clic, Casino Extra, Unique Casino, Dublinbet and Monte Cryptos.
Bitcoin casinos not only use BTC as a payment method, but also as a means of funding player accounts on their platforms. Another thing, when you play at a Bitcoin Casino, all transactions are truly anonymous. This is not the case for casinos that only accept Bitcoin for deposits. The Bitcoin casinos of reference are Bitcasino, Bitstarz casino and Mbit Casino.
In conclusion of our review of Bitcoin and its use in the world of online casinos, we can say that the BTC is a reliable means of carrying out its various operations. It does not incur any fees whatever the amount of the transaction and withdrawals are immediate! Bitcoin is the “ideal partner” when you wish to remain anonymous and deposit or withdraw your money without leaving any trace on your bank account. If one were to disregard its volatile aspect, a non-negligible aspect, one could without hesitation say that it is the best payment method in virtual casinos.
Find out about other payment methods:
FAQ Online Casinos and Bitcoin
✅ How do I define Bitcoin?
Bitcoin is defined as a virtual, cryptographic currency that is not subject to any banking regulations. There is no fixed value or currency for Bitcoin. The value of BTC is not stable and is subject to variations depending on several parameters, based on the principles of supply and demand.
✅ Which online casinos accept Bitcoin?
Due to its growing popularity, Bitcoin is increasingly being adopted by online casinos. As a result, there are now dozens of casinos that accept Bitcoin as a payment method. These include Unique Casino, White Lion, Lucky31, BitCasino, Casino Extra, Dublinbet and KingBit Casino.
✅ Is it easy to deposit at a casino with Bitcoin?
Yes, as long as the casino accepts Bitcoin as a means of payment, it is very easy to make a deposit at a live casino. Everything is done in just a few clicks and very often there are no fees.
✅ How long does it take to withdraw winnings with Bitcoin?
One of the advantages of Bitcoin is that it is not subject to any regulation by any government organization, let alone a bank. This means that Bitcoin does not need to be controlled, so it can be used to process requests instantly. In other words, you are paid the minute you request a withdrawal from your casino account.